Belfast Telegraph

Foster seeks views on legislative updates for credit unions and industrial and provident societies

Stormont press releases

Enterprise Minister Arlene Foster has announced the launch of a public consultation on proposed updates to the legislation applying to credit unions and industrial and provident societies.

The Department of Enterprise, Trade and Investment proposes to request the Northern Ireland Assembly to make new primary legislation for credit unions and industrial and provident societies in Northern Ireland.

Announcing the consultation, Arlene Foster said: “Credit unions and industrial and provident societies have, for a long time, made a significant contribution to the Northern Ireland economy. Recent reforms undertaken by my Department have allowed Northern Ireland credit unions to expand the range of services they offer, ensured that members’ savings are covered by the Financial Services Compensation Scheme, and given members access to the Financial Ombudsman Service.

“It is essential that these societies operate within the most appropriate legislative framework following these reforms. This consultation seeks views on possible updates to the key legislation governing Northern Ireland credit unions and industrial and provident societies.”

The Minister added: “These suggested updates reflect legislative developments elsewhere in the UK, but it is important that stakeholders in Northern Ireland contribute to a legislative landscape that reflects local circumstances.

“I would therefore encourage all stakeholders to contribute to the development of this legislation, and I look forward to hearing their views.”

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